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(Bloomberg) -- Credit Suisse Group AG hired Marshall Insley from Bank of America Corp.’s Merrill Lynch unit, where he had headed trading of asset-backed securities such as bonds backed by car or student loans.
Insley will share responsibility for leading ABS trading at Credit Suisse with Ted Moran, according to Justin Perras, a New York-based spokesman for the bank. They report to Brian Chin, head of securitized products.
While some competitors have been scaling back trading of the securities in response to new regulations, Credit Suisse has called the business one of the strengths of its investment bank. Chief Executive Officer Brady Dougan said last week on a conference call that “continued momentum in our high-returning securitized products business” offset reduced client activity in its credit division last quarter.
Insley, who didn’t return messages left on his mobile phone, joined Bank of America in 2010 after previously working for Robert W. Baird & Co. and JPMorgan Chase & Co., according to regulatory records. He also worked for Bank of America for five years through 2007.
Kristen Kaus, a spokesman for Bank of America, declined to comment.
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